In January-April, according to the State Insurance Supervision Service, under the insurance against occupational accidents and diseases in production 14.91 million manat was collected, being more than 14% above the same period last year. All in all, within the framework of life insurance there was collected 41.88 million manat, including voluntary insurance (26.97 million manat) in this segment. This represents 22.23% of total premiums (166.01 million manat) in the insurance market.
In Azerbaijan, there are three companies specializing in life insurance and having the legal right to provide services for compulsory insurance and disability of individuals from accidents and occupational diseases in the workplace.
According to the Ministry of Taxes, in the country there are nearly half a million entrepreneurs (potential employers), including individuals. Of these, about a fifth provides real jobs. All the natural monopolies and big businessmen in cooperation with the inspection under the Ministry of Labor and Social Welfare have already signed contracts with insurance companies.
The law "On compulsory insurance of disability of individuals from accidents and occupational diseases" was approved in July 2010. In December of the same year, the regulatory legal acts were approved for the commencement of services under this type of insurance.
The Cabinet in November 2010 approved the tariffs for compulsory insurance and disability resulting from occupational accidents. Under its provisions, all economic activities are divided into 14 levels of risk.
Based on this level of risk, the amount of the insurance rate for employees and workers in the enterprise is determined, which ranges from 0.2% to 2%, depending on the risk level of the enterprise. In the state budget for the insurance of persons working in the government and public enterprises and organizations, for this type of insurance, beginning in 2011, it provides for the allocation of 10,030,000 manat.
By law, the insurance rate is calculated from the capacity payroll in the company. The law provides for three types of insurance payments: monthly, one-time and more. --17D-
Economics
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Azerbaijan's Cabinet of Ministers has introduced new regulations establishing the minimum royalties for authors of state-commissioned films, aiming to promote creative works reflecting the country's national identity and cultural values.
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Tea imports to Azerbaijan have increased. According to the State Customs Committee, from January to November 2024, tea imports grew by 3.3% year-on-year to 12,893 tons in volume and by 4.5% in value, amounting to $67.715 million.
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Azerbaijan’s State Railways (ADY) reported a 28% year-on-year increase in transit cargo volumes through the North-South International Transport Corridor (NSTC) in 2024, reaching 814,000 tonnes. This growth underscores the country’s concerted efforts to unlock the strategic potential of the corridor, which connects Northern Europe and Russia to the Indian Ocean.
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The architectural company El & En has received several contracts worth a total of AZN 805,593 from the Committee for Urban Planning and Architecture. Additionally, the Territorial Construction Planning Center commissioned projects from the private company El & En worth several hundred thousand manats. These architectural projects involve work in liberated territories and other regions of Azerbaijan. The co-owner of this company, along with his son, is Elbay Gasimzade, the head of the Public Council under the State Committee for Urban Planning and Architecture and simultaneously the Chairman of the Union of Architects.
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